The week has ended strongly. A low was called tentatively on the 3rd of June, and the first confidence point at 2,799 was passed on the next day. Thereafter, price has continued higher this week as expected.
For the very short term, a small bounce or sideways consolidation was expected to continue. A slightly higher high and higher low fits this expectation perfectly.
A small range day closes with price range bound. This meets the overall expectation for the Elliott wave count for the short term.
Price moved lower but remains above the last short-term low and the short-term invalidation point on the hourly chart.
Price remains range bound. Strength within this last session along with the AD line as an indicator of breadth, and VIX as an indicator of volatility, are used to determine the most likely Elliott wave count.
A very small range inside day sees the Elliott wave count slightly changed for the short term. A small triangle may be completing.
A very small range sideways day has prompted a slight change to the short-term outlook. The mid and long-term outlook remains the same and has support from classic technical analysis.
Downwards movement today indicated the alternate wave counts may be correct. Price has closed above the support line.
A little more downwards movement towards the target has unfolded as expected.
Price remains within the narrow channel on the hourly chart.